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CoinDCX to allocate around $13 million in Web3 with CoinDCX Ventures

Updated: Jul 25, 2024
Published: May 10, 2022
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CoinDCX, the first crypto unicorn firm in India, has confirmed the launch of CoinDCX Ventures with the aim of targeting early-stage Web 3.0 and crypto startups. The crypto exchange has been on a roll recently and aims to continue its expansion in India. On the other hand, the authorities in India continue to tighten their grips on cryptocurrencies with the introduction of 28% GST or Goods and Services Tax.

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CoinDCX Ventures to deploy INR 100 crores (~$13 million)

As per a new report from local media outlets, CoinDCX Ventures will support smaller startups in the crypto and blockchain community, helping them grow and provide their service to a larger consumer base. For this, the firm has announced a fund of nearly $13 million or INR 100 crores. 

CoinDCX Ventures has confirmed that around 10-15% of the funds have already been invested in several small-scale crypto and Web 3.0 startups in the nation. The remaining portion of the funds will be deployed in a period of 12 months, bringing the count to around 40-50 startups. The firm has invested in a wallet solution, cross-chain bridge protocol, Web3 notification protocol, Web3 social engine, as well as distributed storage and computing protocol.

"This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation," said Sumit Gupta, the co-founder, and CEO of the exchange. 

Not giving up yet

As noted above, Indian authorities are planning to impose 28% GST on crypto investments and bring them under the same umbrella as betting and gambling. The authorities have also imposed a 30% tax on crypto gains. Following such harsh laws, CoinDCX COO Mridul Gupta confirmed that the platform had seen a 40% trading volume. However, the firm plans to continue to expand in India and provide crypto education as well. 

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